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---
title: "ESMA Q&A 1594 — Q&A — Data disaggregation [Answer Published]"
shortTitle: "ESMA Q&A 1594 — Q&A — Data disaggregation [Answer Published]"
answer_id: ESMA_QA_1594
topic: "Data reporting services providers"
status: "Answer Published"
type: qa
instrument_type: qa
authority: ESMA
binding: false
binding_character: non_binding
legal_status: in_force
regulation: "MiFIR"
mifir_level3: true
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legal_basis: "MiFIR"
date: 18 November 2016
source_link: https://www.esma.europa.eu/publications-data/questions-answers/1594
lifecycle: "Answer Published"
text_version: "ESMA Q&A register, 18 November 2016"
source_url: "https://www.esma.europa.eu/publications-data/questions-answers/1594"
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source:
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---

**Answer by ESMA, published in its Q&A tool · not legislation · published 18 Nov 2016 [Answer Published]**

*Answer Published · ESMA Q&A register, 18 November 2016 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/1594)*

| | |
|---|---|
| **Full title** | ESMA Q&A 1594 — Q&A — Data disaggregation \[Answer Published\] |
| **Prepared by** | ESMA |
| **Published by** | ESMA, in the ESMA Q&A tool |
| **Reference** | ESMA_QA_1594 |
| **Document type** | Q&A |
| **Legal nature** | Not legislation |
| **Addressees** | Not stated in the document |
| **Dates** | Published 18 November 2016; question submitted 18 November 2016 |
| **Legal basis** | MiFIR |
| **Related instruments** | None recorded |
| **Text on this page** | Word for word — the full text of the ESMA publication |

**Data disaggregation**

### Question

Article 1 of RTS 14 states that market operators and investment firms operating a trading venue shall provide disaggregated data “on request”. Who would be entitled to make such requests? What constitutes a request in this context? How quickly do market operators and investment firms operating a trading venue need to respond to a request for unbundled data?

***

### Answer

\[ESMA 70-872942901-38 MiFID II MiFIR market structures Q&A, Q&A 2.2\]

MiFIR requires the relevant data to be made available “to the public” in disaggregated form on reasonable commercial terms. As such, any individual or entity (whether or not a user of the trading venue) could make a request for disaggregated data and the market operator or investment firm operating a trading venue has to provide the commercial terms to acquire the disaggregated data.

As part of those commercial terms and to effectively provide access to the arrangements employed for making public the information referred to in Articles 3, 4 and 6 to 11 of MiFIR, the market operator or investment firm operating a trading venue may impose non-discriminatory technical requirements on clients.

The request for disaggregated data could be in any format provided it clearly expresses a request for the disaggregated data. For the avoidance of doubt, market operators and investment firms operating a trading venue do not need to make disaggregated data available unless they have received a request to do so.

Market operators and investment firms operating a trading venue should respond to requests for disaggregated data as quickly as practicable. The response should not be slower than to a request for non-disaggregated data. Market operators and investment firms operating a trading venue should reply to requests falling in the same category within the same time frame.

***

**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1594)